The Agricultural Micronutrients Market is expected to reach 6,250.24 USD Million by 2028, growing at a CAGR of 8.10% between 2021 and 2028. The rise in the micronutrient deficiencies in soil coupled with increasing awareness regarding food security among people globally are factors fuelling the market growth of the market.
- The fruits & vegetable type segment is projected to expand at a considerable CAGR over the forecast period. An increase in exports of fruits and vegetables resulted in a rise in crop plantation area and has led to a rise in production. The crop that is sustaining and protecting the chemicals market for fruits and vegetables is anticipated to grow significantly.
- The zinc segment held a significant market share in 2021. The Soil deficiencies of zinc are wide in the Asia and northwestern regions of South America. Additionally, the mineral reserves for the supply of raw material are restrictive for zinc due to which the segment is holding a dominant position.
- Asia Pacific held the largest shares in 2021. The rise in population and growing interest in high-quality food coupled with awareness with acceptance of the agriculture micronutrients by the farmers in the region is fuelling the regional growth. Additionally, agricultural practices and demand for high-quality agricultural products are high.
Some of the key players in Agricultural Micronutrients market include BASF SE (Germany), AkzoNobel (Netherlands), Nutrien, Ltd.(Canada), Nufarm (Australia), Coromandel International Ltd. (India), Helena Chemical Company (US), Yara International ASA (Norway), The Mosaic Company (US), Haifa Group (Israel), Sapec SA (Belgium), Compass minerals international (US), Valagro (Italy), Zuari Agrochemicals Ltd (India), Stoller Enterprises Inc (US), Balchem (US), ATP Nutrition (Canada), Baicor LC (US), Corteva Inc (US), and BMS Micronutrient NV (Belgium)..
The agricultural micronutrient plays a vital role in plant growth & development. The deficiency of micronutrients is increased today mostly driven by the rise in demand for higher crop yields to absorb a high amount of micronutrients from the soil. Additionally, rising usage of synthetic fertilizers with less micronutrient quantity and declining usage of farmyard manure are factors driving agricultural micronutrients growth globally. The deficiencies of micronutrients can be reduced with the usage of micronutrient fertilizers in the soil.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The growth in the region is driven by the rising agricultural activities with high demand for quality agricultural produce. Additionally, the countries such as China and India are known as agriculture-oriented, the main crops that are produced in Asia include sugar beet, rice, fruits & vegetables, grains, and cereals. The region consumes a major of global rice produced and there is high demand for the agricultural micronutrients driven by direct use of the micronutrients to treat plant deficiencies.